Legal Tip 20: Estate assets v Non Estate assets

Discussion in 'Legal Issues' started by Terry_w, 8th Jul, 2015.

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  1. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Estate assets v Non Estate assets


    In relation to making a will (or Intestacy), there are assets you can pass via your will and there are also assets you may have an interest in but cannot pass via your will.


    Estate assets

    Assets that you can pass via your will:

    • property you own

    • jointly owned property where it is owned as tenants in common

    • shares in private companies which you own

    • units in private trusts that you own

    • personal assets such as photos, clothes collections.

    Non Estate assets

    These you cannot pass on via your will:

    • An interest in property that is owned as a Joint Tenant (passes to the surviving joint tenant automatically)
    • Property that is in the name of another - spouse owned property
    • Superannuation (can pass via your will if it is paid to the legal personal representative of your estate).

    • Insurance that is held in super (can pass via your will if it is paid to the legal personal representative of your estate).

    • Assets you own as trustee

    • Interests as a beneficiary of a discretionary trust

    • Appointor position in a trust (unless the trust provides that the Appointor can nominate a successor in their will)

    • Insurance that is held in super

    • Company owned assets

    • Director positions in companies
     
    Terry_w, 8th Jul, 2015
    #1
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